Value (million)€ 306
Borrower / GuarantorKenya National Treasury
Financing structureExport Credit Facility
CMC bid successfully for the Kenyan Government tender for the construction of the Itare dam. Besides dam construction, the project includes a sewage treatment plant and pipes to channel water in the neighbouring area (Nakuru Town, Molo, Njoro, Kurosoi and Rongai).
The project is included among the priorities of “Vision 2030”, the Kenyan government’s strategic agenda aimed at channelling public investment towards social-economic priority goals, such as the construction of adequate infrastructures for transport, energy and access to drinking water. The loan for the € 306 million commercial contract signed between CMC and the Kenyan National Treasury will be financed by two major banks, that will also act as the Mandated Lead Arranger, and it will be split in a tranche of € 270 million that will be fully granted by SACE and a € 36 million commercial tranche.
Following the award of the project and the successful start of construction, CMC with the support of Concrete Finance is in the process of negotiation for similar projects in Kenya.